June 10, 2011
In the end, banks and other creditors may be forced to take part in the next bailout of Greece. SPIEGEL sources say a plan is taking shape that could see private creditors conduct voluntary rollovers extending the terms of Greek bonds and creating up to 35 billion euros in relief.
Calls for private creditors to bear some of the costs in the Greek debt crisis appear to be taking on more concrete form in Brussels this week. SPIEGEL has learned from sources with close knowledge of the situation that European Union finance ministers are considering a plan in which private creditors possessing Greek state bonds would be asked to cover €20 to €35 billion of the costs.
The model currently being discussed is a so-called rollover, which would see private creditors exchanging their existing outstanding debts from Greece with new securities with longer maturities. The move is being prompted by the increasingly disastrous financial situation in Greece.
Speaking before parliament in Berlin on Friday, German Finance Minister Wolfgang Schäuble said that "participation of private creditors in cases of insolvency is indispensable." He also said he had set up a working group this week charged with "finding a good solution for the involvement of the private sector that has to be supported by the European Central Bank."
More
Παρουσίαση στα Νέα
No comments:
Post a Comment